v3.25.4
Employee Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans
The following table presents the change in benefit obligation and the funded status of the defined benefit pension and post-retirement benefit plans (in millions):
 Domestic pension benefitsInternational pension benefitsPostretirement benefits
 202520242025202420252024
Change in benefit obligation
Benefit obligation at beginning of year$3,220 $3,311 $525 $578 $362 $425 
Service cost77 79 19 20 2 3 
Interest cost172 165 20 20 17 19 
Plan participants’ contributions    10 9 
Plan amendments     (26)
Actuarial loss (gain)153 (100)(8)(17)(18)(32)
Divestiture (1) (3)
Other (1)
2 6 (18)(8)  
Benefits paid(237)(241)(20)(31)(34)(33)
Foreign currency translation  36 (36)  
Benefit obligation at end of year$3,387 $3,220 $554 $525 $339 $362 
Change in plan assets
Fair value of plan assets at beginning of year$2,842 $2,760 $362 $405 $— $— 
Actual gain (loss) on plan assets282 303 14 (6)  
Employer contributions72 20 27 17 9 24 
Plan participants’ contributions    10 9 
Benefits paid(237)(241)(34)(28)(12)(33)
Foreign currency translation  18 (26)  
Fair value of plan assets at end of year$2,959 $2,842 $387 $362 $7 $— 
Funded status at end of year
Fair value of plan assets$2,959 $2,842 $387 $362 $7 $— 
Benefit obligations(3,387)(3,220)(554)(525)(339)(362)
Funded status of plans$(428)$(378)$(167)$(163)$(332)$(362)
Amounts recognized on the consolidated balance sheets consist of:
Noncurrent asset  $23 $16   
Current liability$(20)$(18)(12)(7)$(18)$(27)
Noncurrent liability(408)(360)(178)(172)(314)(335)
Recognized liability$(428)$(378)$(167)$(163)$(332)$(362)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss (gain)$118 $64 $13 $12 $(208)$(220)
Prior service cost (credit)25 29   (22)(29)
Amounts recognized at end of year$143 $93 $13 $12 $(230)$(249)
(1)Other consists of domestic plan special termination benefits charge and curtailment and international plan settlements. Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) in the notes to the consolidated financial statements for more information.
Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
The following table presents information for the domestic and international pension plans where the projected benefit obligation or the accumulated benefit obligation exceeded the fair value of plan assets (in millions):
 December 31,
 20252024
Projected benefit obligation$3,613 $3,432 
Fair value of plan assets$2,995 $2,875 
Accumulated benefit obligation$542 $494 
Fair value of plan assets$36 $33 
Schedule of Net Benefit Costs
The following table presents the components of net periodic benefit expense (income) for employee retirement plans, which other than the service cost component is recorded in other (expense) income, net on the consolidated statements of income (in millions):
 Domestic pension benefitsInternational pension benefitsPostretirement benefits
 202520242023202520242023202520242023
Service cost$77 $79 $80 $19 $20 $18 $2 $3 $5 
Interest cost172 165 168 20 20 20 17 19 23 
Expected return on plan assets(184)(179)(176)(17)(16)(13)   
Amortization of prior service cost (credit)4 6 6    (7)(7)(5)
Amortization of actuarial gain      (31)(24)(22)
Recognition of actuarial (gain) loss (31)(16)(8)6 1   
Total net periodic benefit expense (income)$69 $40 $62 $14 $30 $26 $(19)$(9)$1 
Curtailment charge  $3 $1      
Special termination benefit charge$2 $6 15      $1 
Total expense (income)$71 $46 $80 $15 $30 $26 $(19)$(9)$2 
          
Other changes in plan assets and benefit obligations
   recognized in other comprehensive loss:
Curtailment effects $(1)$(4)      
Settlements   $(1)     
Current year actuarial loss (gain)$55 (225)(16)(4)$5 $14 $(19)$(32)$(8)
Amortization of actuarial (loss) gain    (9) 31 24 22 
Recognition of actuarial gain  31 16 7 2 1    
Current year prior service credit       (26) 
Amortization of prior service (cost) credit(4)(6)(6)   7 7 5 
Total recognized in other comprehensive income (loss)$51 $(201)$(10)$2 $(2)$15 $19 $(27)$19 
Schedule of Weighted-Average Assumptions
The following table presents the weighted-average assumptions used to determine benefit obligations:
 Pension benefits
 DomesticInternationalPostretirement benefits
 202520242023202520242023202520242023
Discount rate5.39%5.67%5.16%2.25%2.10%2.30%5.35%5.66%5.24%
Rate of compensation increase3.50%3.50%3.97%2.64%2.61%3.74%
Cash balance crediting rate4.43%4.44%4.22%0.93%0.93%0.82%
Employee contributions crediting rate5.04%5.10%5.25%
The following table presents the weighted-average assumptions used to determine net periodic benefit expense (income):
 Pension benefits
 DomesticInternationalPostretirement benefits
 202520242023202520242023202520242023
Discount rate5.67%5.16%5.50%2.10%2.30%2.46%4.66%5.24%5.58%
Expected return on plan assets6.75%6.75%6.75%4.90%4.34%3.85%
Rate of compensation increase3.50%3.98%3.87%2.61%3.74%3.73%
Cash balance crediting rate4.44%4.21%3.86%0.93 %0.82%0.82%
Employee contributions crediting rate5.04%5.25%4.62%
Schedule of Health Care Cost Trend Rates
The following table presents the assumed health care trend rates:
Assumed health care trend rates as of December 3120252024
Health care cost trend rate assumed for next year (pre-65 / post-65 retirees)
7.50% / 7.50%
7.00% / 7.00%
Ultimate health care trend rate5%5%
Year that the rate reaches the ultimate trend rate20362033
Schedule of Fair Value, Assets Measured on Recurring Basis
The following table presents the fair values of domestic defined benefit and post-retirement benefit plan assets, by asset category (in millions):
 December 31, 2025December 31, 2024
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Equity securities:       
U.S. companies$1,610 $222 $1,388  $1,261  $1,261  
International companies        
Fixed income:  
U.S. treasury bonds223 223   294 $294   
U.S. corporate bonds911  911  876  876 
  
Real estate (1)
1   $1 2   $2 
Cash equivalents221 221   409 357 52  
Total$2,966 $666 $2,299 $1 $2,842 $651 $2,189 $2 
(1)This category includes industrial, office, apartments, hotels, infrastructure and retail investments which are limited partnerships predominately in the U.S. The inputs are valued by discounted cash flow analysis; comparable sale analysis and periodic external appraisals.
The following table presents the fair values of international defined benefit plan assets, by asset category (in millions):
December 31, 2025December 31, 2024
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Fixed income:        
International fixed income$102 $102   $94 $94 
Insurance contracts174   $174 167 $167 
Mortgages52   52 33 33 
Cash equivalents42 42  52 52 
Other17 1  16 16 16 
Total$387 $145 $— $242 $362 $146 $— $216 
Schedule of Changes in the Fair Value of the Defined Benefit Plans
The following table presents the changes in the fair value of the Level 3 assets relating to the Company’s international defined benefit plans (in millions):
 International
 MortgagesInsurance contractsOther
Balance as of December 31, 2023$43 $195 $12 
Actual return on plan assets relating to assets still held at the reporting date2   
Asset (sales) purchases(12)(1)4 
Change in insurance contract valuation(27)
Balance as of December 31, 2024$33 $167 $16 
Actual return on plan assets relating to assets still held at the reporting date2 
Asset purchases17 1 
Change in insurance contract valuation6 
Balance as of December 31, 2025$52 $174 $16 
Schedule of Expected Benefit Payments
The following table presents the gross benefit payments expected to be paid for domestic and international defined benefit pension plans and the postretirement medical and life plans (in millions):
Expected benefit payments
 Domestic pension benefitsInternational pension benefitsPostretirement benefits
2026$259 $32 $25 
2027$267 $40 $26 
2028$270 $39 $26 
2029$276 $40 $26 
2030$274 $42 $26 
2031-2035$1,406 $225 $131